Peter Brandt, a well-known figure in trading circles, is feeling extremely positive about Bitcoin’s future. He’s not just talking about it; he calls Bitcoin his “largest speculative position.” Looking at his analysis, Brandt seems to believe that Bitcoin could hit around $150,000 during this market cycle.
When Could We See Bitcoin at $150,000?
Naturally, the big question is: when? Based on Brandt’s chart as shown above, he expects Bitcoin to reach that $150,000 mark around the end of Q3 or the start of Q4 in 2025. That means we might see this move around September or October next year. Considering it’s now the end of October 2024, this suggests we’re still in a bull market, and there’s more to come.
However, for this target to become a reality, Bitcoin needs to break out of a specific pattern on Brandt’s chart. He’s been tracking a triangle that has been forming since Bitcoin’s all-time highs back in March 2024. Right now, that triangle is still holding.
What Needs to Change?
When Brandt says the triangle is “intact,” he means Bitcoin is still forming lower highs and lower lows. Generally, this kind of pattern isn’t seen as a positive sign for an asset’s price. But, if Bitcoin manages to break out of this trend, it could signal a shift in momentum.
A breakout would be a sign of a trend reversal, suggesting that Bitcoin is ready to move higher. So, while the current pattern has held steady, the potential for a shift is what keeps traders like Brandt optimistic. If Bitcoin can manage this breakout, that $150,000 target doesn’t seem so far off.
At the time of writing, Bitcoin is priced at $67,150 as per CoinMarketCap data.
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